Meta Title: Why India is Not a Fan of Buy Now Pay Later
Meta Description: Buy Now Pay Later Schemes Decoded. This scheme has all the attention of the youth in the country. It is very alluring as they do not have to pay instantly for any purchase. It is evident that India’s Central Bank is no fan of “Buy Now, Pay Later”. But the regulator’s issues with the new age fad in consumer finance are totally understandable. The website of Lazypay, which is a fintech startup says, “Get Credit in 90 seconds’. Shop at millions of Merchants. Pay Later. It claims to have 60 million eligible users in India. Rival Uni Cards, which is backed by Lightspeed Ventures, tells customers to “Pay 1/3rd. Anywhere”. using its cards. The Reserve Bank of India introduced new guidelines in which non-banks can no longer load prepaid instruments which include digital wallets, or stored value cards using credit lines. The only remaining option for buyers is to prefill their wallets using either cash or debit to their bank or credit card accounts. The RBI doesn’t ...